On Bank of Russia Ordinance No. 3223-U, dated 1 April 2014
On Bank of Russia Ordinance No.
The Bank of Russia issued Ordinance No.
Bank of Russia Ordinance is developed on the basis of the provisions of Article 111-2 of the Federal Law ‘On Banks and Banking Activity’ and Articles 571 and 572 of the Federal Law ‘On the Central Bank of the Russian Federation (Bank of Russia)’.
The Bank of Russia Ordinance:
establishes qualifying requirements for individuals acting as heads of risk management department, internal control department and internal audit department of a credit institution (hereinafter, department head) and individuals appointed to these positions;
provides that the business reputation of the above-mentioned individuals must be in line with the requirements specified in Clause 1 of Part 1 of Article 16 of the Federal Law ‘On Banks and Banking Activity’;
determines the procedure for the Bank of Russia to receive information on compliance with the established requirements for department heads;
provides for the requirement for the credit institution to submit information on changes in department head data submitted to the Bank of Russia when they are appointed to (relieved from) the position and/or in order to confirm their compliance with the established qualifying requirements and business reputation requirements;
establishes transitional provisions stipulating that credit institutions shall provide Bank of Russia structural divisions with information confirming the compliance of the individuals appointed as department heads with the requirements of the Bank of Russia Ordinance not later than 90 days after it comes into force.
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09.07.2014 00.00.00